Verastem's duvelisib delight not so sweet for AbbVie and Novartis
Cancer drug developer Verastem (Nasdaq: VSTM) might have found a jewel on the scrapheap, if newly-presented Phase III results are anything to go by.
In a deal with fellow US company Infinity Pharmaceuticals (Nasdaq: INFI) last year, Verastem licensed exclusive worldwide rights to develop and commercialize Infinity’s duvelisib, an oral inhibitor of phosphoinositide-3-kinase (PI3K)-delta and PI3K-gamma.
It was agreed for Verastem to pay up to $28 million in milestones, with duvelisib at that point viewed as a troubled blood cancer drug. Earlier in 2016, Infinity had reported disappointing data in a mid-stage trial, leading to the company’s previous partner, US drugmaker AbbVie (NYSE: ABBV), to end an alliance that could have been worth up to $805 million.
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